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What are we asking for? 

We have a three point plan that we think will make a big difference in the fight to tackle poor payment practices.

We are asking for the following:

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Assign Non-Executive Directors responsibility to prevent late payment

Large businesses should be required to assign a Non-Executive Director responsibility for payment practice and supplier relationships, by chairing a Supply Chain Committee or include supplier relationships in chairing the Audit Committee, and be required to provide a summary of their activity for the company’s Annual Report.  

 

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Strengthen payment enforcement

Government should fine companies that fail to provide or provide incomplete Duty to Report on payment practices data. The Small Business Commissioner should have the ability to undertake mystery shopper style investigations into the payment practices of large firms including verifying duty to report on payment practice data and investigating supply chain bullying. All FTSE 350 firms should be required to be signatories of a strengthened Prompt Payment Code.

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Adopt Project Bank Accounts

Project Bank Accounts should be adopted as the truly default choice for major procurement projects, with proper parliamentary oversight to ensure accountability. For any major construction project, a ministerial statement should be made to Parliament if project bank accounts are not used.